Oyo starts China business with hotel rooms in 26 cities1 min read . Updated: 21 Jun 2018, 05:31 PM IST
Oyo now has more than 11,000 hotel rooms across 26 Chinese cities, including Hangzhou, Xian and Guangzhou
Bengaluru: Hotel chain Oyo is expanding its China business, its third overseas market. Oyo, which is owned and operated by Oravel Stays Pvt. Ltd, has more than 11,000 rooms across 26 Chinese cities, including Hangzhou, Xian and Guangzhou.
The company had entered China earlier this year, but disclosed its business only on Wednesday. “After our successful overseas expansion and operations in Malaysia and Nepal, we are thrilled to offer Oyo hotels’ hassle-free and standardized stay experience to guests in China," said Oyo founder and chief executive Ritesh Agarwal.
“The country’s tourism industry is on the cusp of booming and flourishing wherein it enjoys a strong influx of both domestic and international tourists. Also, the market is as fragmented as the Indian hotel market. With our expertise in managing a chain of hotels backed by technological innovations, we will further continue to strengthen our footprint while empowering neighbourhood hotels to emerge in the same league as the big boys of hospitality," he said.
Mint reported on 22 March that Oyo plans to expand its international business and enter China and other markets. Mint had also reported that Oyo was in early talks with existing investors led by SoftBank Group and two new investors to raise up to $800 million in fresh capital to increase its footprint in India and accelerate its international expansion.
Founded in 2013, Oyo operates in more than 150 cities across India, China, Malaysia and Nepal. The company is set to become a unicorn, a start-up valued at $1 billion or more, when it raises the next round of capital.
Oyo is part of a small bunch of Indian startups, including cab-hailing app Ola and eyewear retailer Lenskart, that are expanding overseas.